2010 America’s Cup to be held in Ras Al Khaimah

Ras Al Khaimah will host the prestigious America’s Cup in February 2010, marking the first time the event will be held in the Middle East.

Ras Al Khaimah will host the prestigious America’s Cup in February 2010, marking the first time the event will be held in the Middle East. The Ras Al Khaimah Investment Authority (RAKIA), the government agency responsible for the socio-economic development of the emirate, said the Cup is the first in a series of important upcoming events that will cement Ras Al Khaimah as the UAE’s leading residential and tourist destination The emerging status of the region. It added that this trend exposes the UAE to a global audience of potential investors and potential industry partners who stand to benefit greatly from a growing portfolio of local quality investment products and a pro-business environment.

His Highness HH Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, said: “We have made major improvements to our commercial and economic infrastructure, which has seen an increase in tourist arrivals and an increase in the number of investors and businesses. The organization has paid off. We have also channeled our success into the events arena, of which the America’s Cup is a highlight. RAK’s links to prestigious global events will help further enhance its reputation as a fast-growing economy in the Middle East and An attractive investment and leisure destination profile.”

RAKIA has been accelerating various development plans and implementing new strategies to support RAK’s economic diversification plans. Government agencies have affirmed the positive pace of socio-economic progress and various investor-friendly benefits such as 100% exemption from income and corporate taxes; zero import, export, sales and property taxes; 100% repatriation of capital and profits; Zero restrictions for expatriates; land for sale at favorable prices helps to attract various industries from the region and abroad to the emirate.

“Ras Al Khaimah continues to enjoy a rapid influx of regional and international investors, allowing it to easily achieve its growth targets. Investors are impressed by the existing infrastructure, world-class facilities and the numerous development projects currently underway. The growing investor confidence in RAK’s economy opens up further opportunities to expand the emirate’s economic diversification plans into niche areas such as elite sporting events,” added Dr Khater Massaad, CEO of RAKIA.

Established in 2005, RAKIA is a pillar of the emirate’s economic progress, generating billions of dollars in revenue annually through groundbreaking investment initiatives in the emirate and international markets. Under RAKIA’s direction, Ras Al Khaimah has been able to attract over 2,000 local and foreign investors, representing over US$2.3 billion in investments in Al Hamra’s industrial and free zones and Al Ghail’s industrial parks.

Ras Al Khaimah is one of the fastest growing economies in the Gulf region. In addition to being an investment haven, this coastal emirate is one of the region’s most popular tourist destinations, with pristine beaches, majestic mountains and unique communities where ancient traditions coexist harmoniously with modern living.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button